Veterans Affairs Loan
First Community Mortgage is honored to serve our military and veterans by helping them on their journey to find a home.
The Veterans Affairs (VA) Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs. This program was created to help returning service members purchase homes without the requirement of a down payment. VA Loans may allow for 100% financing and requires the owner(s) to occupy the residence.
VA Loan Information:
- Borrower qualification depends on income levels, debt levels, credit qualifications, and appraised value of the property.
- 0% down for qualified borrowers.
- Borrowers are not required to buy private mortgage insurance (PMI) since the VA Loan is government-backed.
- A VA Loan is generally easier to qualify for since the qualification procedures are less strict for government-backed loans.
- A VA Loan sets a limit on the closing costs a veteran must pay, but a seller can pay all of the closing costs providing a no-cost move-in.
For VA Home Loan purchases, a veteran is considered to be a person
- Who is an active duty service member.
- Who has served as an active duty member and was discharged under other than dishonorable conditions.
- An un-remarried surviving spouse of a veteran may also be considered for certain benefits under the law.
Benefits of VA Loan:
- No down payment
- All the qualified veterans have an equal opportunity to obtain a VA Loan
- Veterans can use a VA Loan more than once in their lifetime
- No mortgage insurance required
Veterans residing in Texas can visit any of our offices in Harker Heights, Copperas Cove, Killeen, San Antonio, North Padre Island, El Paso, and Temple. Also we render services in Peoria, Arizona.
Contact the loan office closest to you for more information on VA Loans.